Summary
Starbucks Corporation (SBUX) filed an amendment to its 8-K report to correct item numbering and cover page dates, with no changes to substantive disclosures. The primary information relates to the upcoming retirement of its Chief Financial Officer, Scott Maw, effective November 30, 2018. The company has initiated a search for his successor. In connection with his retirement, Mr. Maw has entered into a transition agreement. This agreement outlines his continued employment in a senior advisor role until his retirement date if a successor is appointed earlier, and then as a senior consultant for a period of time post-retirement. The agreement also details a cash transition bonus and provisions for the treatment of compensation and equity awards under specific termination scenarios, providing clarity on executive transition arrangements.
Key Highlights
- 1Scott Maw, Executive Vice President and CFO, will retire on November 30, 2018.
- 2Starbucks has begun searching for a new Chief Financial Officer.
- 3A transition agreement has been executed with Scott Maw.
- 4Mr. Maw will serve as a senior advisor until his retirement date if a successor is appointed before then.
- 5Post-retirement, Mr. Maw will act as a senior consultant from November 30, 2018, to March 31, 2019, receiving $250,000 per month.
- 6Mr. Maw will receive a $400,000 cash transition bonus, contingent on continued employment and execution of a release.
- 7The agreement addresses compensation and equity award treatment in certain early involuntary termination events.